By Staff
The $300B Temasek, Singapore’s investment company, has appointed Teo Chee Hean, the country’s former deputy prime minister, as chairman of its board of directors, effective in October.
Hean, who will succeed Lim Boon Heng, will assume the role of deputy chairman as of July 1, until his predecessor retires on Oct. 9, according to a press release.
Hean has a 53-year public service career, including serving as coordinating minister for national security and as senior minister. During his tenure in government, he oversaw the Smart Nation and Digital Government Group, the National Security Coordination Secretariat, the National Population and Talent Division and the National Climate Change Secretariat in the Prime Minister’s office.
“I’m pleased to welcome Mr. Teo Chee Hean as our fifth Chairman,” said Dilhan Pillay Sandrasegara, Temasek’s executive director and chief executive officer. “His remarkable public service career across multiple domains speaks for itself. We are privileged that Temasek can benefit from his perspectives and extensive experiences, and we look forward to his stewardship as we navigate the opportunities and challenges ahead.”
Heng will step down from the Temasek Board, after serving 12 years as chairman. Under his chairmanship, Temasek grew its net assets under management from S$223B in March 2014 to S$389B 10 years later, as of March 2024. The investment organization also expanded its footprint across Europe and the U.S., which, collectively, hosts six of its 13 international offices. It also expanded its global advisory network, supplementing its Temasek International Panel with three regional panels — the Temasek European Advisory Panel and the Temasek Americas Advisory Panel in 2016, and the Temasek Southeast Asia Advisory Panel in 2023.
Also retiring from the board are Cheng Wai Keung, deputy chairman, and directors Stephen Lee and Bobby Chin.
“On behalf of the Board and everyone at Temasek, I express our gratitude to chairman Lim Boon Heng, deputy chairman Cheng Wai Keung and board members Stephen Lee and Bobby Chin for their dedication and contributions over the years,” said Sandrasegara. “We wish them well in their future endeavors. Temasek would not be where we are today without their guidance.”
